Bank of America (NYSE:BAC) Shares Up 1.1% – Time to Buy?

Bank of America Corporation (NYSE:BAC)’s stock price shot up 1.1% during trading on Monday . The stock traded as high as $62.76 and last traded at $62.3550. Approximately 26,635,741 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 37,301,051 shares. The stock had previously closed at $61.69.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Citigroup upped their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Royal Bank Of Canada lifted their price target on shares of Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Argus set a $70.00 price objective on shares of Bank of America in a report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Trading Up 1.1%

The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The stock has a market cap of $436.03 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The business’s fifty day simple moving average is $60.60 and its 200 day simple moving average is $54.67.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The company’s revenue was up 19.6% on a year-over-year basis. As a group, analysts expect that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is 25.69%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Total Clarity Wealth Management Inc. lifted its holdings in shares of Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 168 shares during the period. Orca Wealth Management LLC increased its holdings in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after purchasing an additional 179 shares during the period. Financial Consulate Inc. raised its position in Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 181 shares during the last quarter. Money Concepts Capital Corp raised its position in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares during the last quarter. Finally, Bedel Financial Consulting Inc. lifted its holdings in Bank of America by 1.1% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock worth $938,000 after buying an additional 184 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.